建筑材料：浙赣粤运河项目点评-开工在即，江西民爆及水泥增量可观

Investment Rating - The industry investment rating is "Overweight" [11] Core Insights - The Jiangxi Ganyue Canal project is set to commence soon, with significant demand for construction materials, particularly explosives and cement, expected to arise from the project [4][5] - The total planned investment for the Ganyue Canal is approximately 320 billion, with about 60% of the project located in Jiangxi province [4] - The project is anticipated to create an annual demand for 198,600 tons of explosives and 917,000 tons of cement in Jiangxi during the construction period [5] Summary by Sections Project Overview - The Ganyue Canal will surpass the Grand Canal in length, becoming the longest in the world at approximately 1,988 kilometers [4] - The project has received significant governmental support, with plans to accelerate its development as part of the "14th Five-Year Plan" [4] Material Demand Analysis - For explosives, the project will require approximately 165,000 tons, with Jiangxi's share being around 99,000 tons, translating to a 122% increase in demand for local producers [5] - For cement, the total requirement is estimated at 7,644,000 tons, with Jiangxi's share being about 4,586,000 tons, which represents 11% of the province's 2023 cement production [5] Investment Recommendations - The report suggests focusing on local companies in Jiangxi, particularly Guotai Group for explosives and Wannianqing for cement, as they are expected to benefit significantly from the project [5]